Timex eyes expansion

Called “The Time Factory”, it is a retail chain concept, involving the group’s multi-brand watch store format supporting expanding portfolio of watch brands within Timex Group.
Speaking to Deccan Herald, Managing Director V D Wadhwa said the group as part of their expansion plans is aiming to increase its India footprint with more ‘The Time Factory’ stores across Tier II and Tier III markets.

“Presently, the group runs 74 stores in 33 cities. Our expansion plans include doubling our retail chain to 150 stores in the next three years, even as we aim to achieve the said target in two years,” Wadhwa said.

Wadhwa pointed out that in India, Timex is largely youth-centric brand, providing hi-tech, fashionable products. The company (Timex Group), having a portfolio of 11 brands spread across various segments, makes watches incorporating international designs and superior technology.  It is planning to strategically expand its product portfolio with newer collections targeted at contemporary Indian consumers.

Attributing their success to being the biggest multi-national company in the Indian watch industry, with wide distribution network, comprising 3,000 points of sale and own manufacturing base, Wadhwa said: “We are able to sell our products at a reasonable price, with Timex watches sold across price range of Rs 995 to Rs 10,995.”

“With the expansion, we are targeting 25 per cent growth in revenue year-on-year. With the expansion of our retail base and introduction of portfolio brands, along with aggresive marketing campaign, we expect the growth to be sustainable in a 3 to 5 year horizon,” he added.